Taxes

Has anyone received any tax forms from the mystery companies that they work with? I have few companies with which I have made the amount for which they specified a tax form will be mailed. Should I want or file my taxes? Most of the shops I have done are with different companies and I have not made a large sum. Any suggestions? Thanks

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I've received a few so far. For some reason I want to say the law is they have to be postmarked by January 31, just don't hold me to itsmiling smiley

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.
Because Jan. 31 falls on a Saturday this year, they have until midnight Monday to get them in the mail.

But if you know exactly how much you made last year, you can go ahead and file your taxes now without the 1099s. Just be aware that a MSC might report your reimbursements as income (or so I've read.) If you don't also list reimbursements in your gross income amount (and then deduct them as expenses), you run a chance of reporting less gross income than is reported to the IRS.
@mysteryshoppinggurl wrote:

I heard they don't have to send one unless you received $600 from them...true?

@mysteryshoppinggurl wrote:

I heard they don't have to send one unless you received $600 from them...true?

Yes, that is true, though some companies do send a 1099 for amounts under $600, and you are required to report income even if you didn't receive a 1099. The instructions for the 1099 can be seen at the below link. Under "Specific Instructions" you can see the $600 info for "services performed by someone who is not your employee".
[www.irs.gov]
@LisaSTL is correct that they have through the 2nd to mail them this year. I own a brick and mortar small business and I keep getting a pop up on my payroll software to send out any 1099's by February 2nd.
Just to add....
A few MSCs have sent late 1099s to me in the past. Those were always very small MSCs though.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.
You don't need the 1099 to file; you just need to know what you received.

Time to build a bigger bridge.
I have not rec'd my docs yet, but the MSCs typically have the earning information right on the website so I use that as a source for my tax data. In my experience the MSCs do not go to the expense of mailing documents until the earnings (not including reimbursements) break the trigger of $600.
Not all of them have the information and I wouldn't rely on theirs anyway. I track my own income and expenses. It is also my understanding their information may be according to the month earned, while mine is by the month it was actually in my hands. For MSCs with longer payment terms I don't want to be paying taxes on what they have reported for 2014 if Its scheduled for 2015 and I haven't received it yet. What if they go belly up and don't pay me?

Equal rights for others does not mean fewer rights for you. It's not pie.
"I prefer someone who burns the flag and then wraps themselves up in the Constitution over someone who burns the Constitution and then wraps themselves up in the flag." -Molly Ivins
Never try to teach a pig to sing. It's a waste of your time and it really annoys the pig.
alfeg, and anyone else who relies on the MSC for their recordkeeping-- you are in business here, and the accuracy of your tax return is your responsibility. you should be keeping track of your income, expenses, and mileage all year long. If you get audited and the IRS discovers through your bank deposits and paypal records that you made $5000 and you only reported $3000 they aren't going to want to hear "Well, they never told me how much they paid me so I couldn't put it on the tax return."

you should be able to report an accurate return even if you never get a single piece of information from the MSC at all. The 1099's are for the IRS's benefit, not yours.

Time to build a bigger bridge.
@alfeg wrote:

I have not rec'd my docs yet, but the MSCs typically have the earning information right on the website so I use that as a source for my tax data. In my experience the MSCs do not go to the expense of mailing documents until the earnings (not including reimbursements) break the trigger of $600.

Ugh I am so confused...... so the reimbursements do not count as earnings? I was going to include them in my taxes?
I include reimbursements in my gross income and then deduct them as business expenses, all on Schedule C. You do not owe income tax on reimbursements.

Shopping Southeast Pennsylvania, Delaware above the canal, and southwestern NJ since 2008
myst4au is correct: count all the money you got from all the MSCs as "Revenue" then deduct what you paid out as an "Expense." If you include the reimbursement in the first number, you subtract what you paid out for the meal as the second number so you end up only paying tax on the fee part of it -- well, rather what's left after you also deduct for your mileage and other expenses.

If you're not sure what to do, go see a qualified tax preparer and have them guide you.

Time to build a bigger bridge.
you are supposed to report any money you make..even if less than 600....if you make less than a certain amount ...you are exempt from filing income taxes (federal/state).....but you may still be required to pay self employment tax (social security, etc I beleive).

and the other issue is that you may make less than 600 with each company/but add all the companies together...and its over 600....


and no remibursements are not considered income for tax purposes...even when you are remibursed for items that you actually would have bought had you been paid $10 cash instead of $10 reimbursement.
@dspeakes wrote:

count all the money you got from all the MSCs as "Revenue" then deduct what you paid out as an "Expense."

In my case my business license fee is a percentage of revenue. I use the lowest number I can.

There are reasons that a body stays in motion
At the moment only demons come to mind
Sorry you're in one of those cities that charges by sales. I have a client who is in one of them. I've been lucky and always had a flat $50 license fee.

The thing about the income tax return is that if you get audited, you may have to account for all the deposits that went through your bank and that would include checks with reimbursements built in to the total.

What I do on my return is count everything as gross revenue, then subtract the reimbursed part as "returns and allowances" on the grounds that the money was "returned" to the company when you bought the Happy Meal. It's like if you're a brick and mortar business and sold 10 widgets and someone returned one, your starting point for your business license calculations would be 10 minus 1. The "return" isn't an expense, it's an un-sale.

Time to build a bigger bridge.
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